The relationship between the natural environment and business practice is deep and complex, and a multiplicity of regulatory initiatives have been employed in an attempt to manage and influence their interaction. This unit of study aims to demystify environmental regulation as far as it is relevant to the running of a business. It begins with an analysis of the contemporary institutional framework surrounding the interaction between business and the environment with particular reference to the historical conditions which have given rise to it, before introducing major stakeholders in the development of environmental and business regulation (including nation states, international organisations and other non-state actors) and their respective roles. The unit then discusses international environmental regulation and situates Australian regulation within it in order to explain its impact on Australian businesses. The effectiveness of different regulatory styles in this area is assessed together with the argument that business can and should take ownership of problematic elements of their interactions with the natural environment. Different strategies developed to 'manage' a business' relationship with the environment and issues surrounding liability for environmental damage are also considered.
At the completion of this unit, you should be able to:
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